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KDB Presses GM Over Korean Unit’s Cost Structure

KDB Presses GM Over Korean Unit’s Cost Structure

SEOUL, March 8 (Korea Bizwire) – The state-run Korea Development Bank (KDB) said Thursday it will not pump new funds into the South Korean unit of General Motors Co. unless the U.S. automaker discloses the cost structure of GM Korea Co. Lee Dong-gull, chairman and CEO of KDB, which holds a 17 percent stake in GM Korea, told reporters that a due diligence for GM Korea has [...]

Kumho Asiana Chief Offers Revised Proposal in Brand Dispute Over Kumho Tire

Kumho Asiana Chief Offers Revised Proposal in Brand Dispute Over Kumho Tire

SEOUL, Aug. 30 (Korea Bizwire) — The chairman of Kumho Asiana Group, parent of Kumho Tire Co., on Wednesday submitted a revised proposal to creditors over the use of the tiremaker’s brand, an industry source said Wednesday. The revised proposal by Kumho Asiana Chairman Park Sam-koo came as the creditors, led by state-run Korea Development [...]

Main Creditor Open for Negotiations with NPS on Daewoo Shipbuilding

Main Creditor Open for Negotiations with NPS on Daewoo Shipbuilding

SEOUL, April 13 (Korea Bizwire) – The state-run main creditor of Daewoo Shipbuilding & Marine Engineering Co. said Thursday it is willing to negotiate with the state pension fund on the ailing shipbuilder’s debt rescheduling measures. The remarks by Korea Development Bank (KDB) CEO Lee Dong-geol came as the National Pension Service (NPS) is set [...]

Korean Banks Issue CoCo Bonds

Korean Banks Issue CoCo Bonds

SEOUL, May 10 (Korea Bizwire) – CoCo bonds, or contingent convertible bonds, are fixed-income instruments that are equity-convertible in cases of pre-specified trigger events. Despite their liability-like properties, they are classified as assets, which is prompting many banks to issue CoCo bonds as means of expanding capital. So technically, they’re asset-convertible debt.  Major Korean banks, [...]

S. Korea’s KDB, AMC of World Bank Set Up Partnership for Joint Investment

S. Korea’s KDB, AMC of World Bank Set Up Partnership for Joint Investment

SEOUL, March 4 (Korea Bizwire) – South Korea’s policy lender Korea Development Bank (KDB) has established a partnership with an asset management affiliate of the World Bank Group to jointly develop new investment opportunities in Asia, the bank said Friday. A memorandum of understanding for a business partnership between the KDB and the International Financial [...]

KDB Pushing Daewoo to Restructure

KDB Pushing Daewoo to Restructure

SEOUL, Oct. 23 (Korea Bizwire) – As financial authorities and creditors have held off a plan to support the normalization of Daewoo Shipbuilding & Marine Engineering, the union from the Korea Development Bank (KDB) is pushing for a restructuring based on fundamentals. KDB’s union urged Daewoo to restructure even if the companies goes under legal [...]

KDB, Exim Bank Struggle with Mounting Bad Loans

KDB, Exim Bank Struggle with Mounting Bad Loans

SEOUL, Aug. 11 (Korea Bizwire) — South Korea’s two policy lenders have shouldered massive bad loans, estimated at 5.5 trillion won (US$4.75 billion), over the past five years, due to a series of collapses of big name companies during the economic slump, a report said Tuesday. The Korea Development Bank (KDB) and the Export-Import Bank of [...]

Seoul to Kick off 30 Trillion Won Investment Promotion Program

Seoul to Kick off 30 Trillion Won Investment Promotion Program

SEOUL, Feb. 1 (Korea Bizwire) – The government said Sunday it will kick off a 30 trillion won (US$27.4 billion) investment promotion program this month that aims to get companies to pour more money into new growth engines, build up core businesses and engage in large social overhead capital (SOC) projects. The inter-ministerial program supported [...]